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Title: Zen in the Markets by Edward Allen Toppel, Edwards Allen Toppel ISBN: 0446518107 Publisher: Warner Books Pub. Date: 01 January, 1992 Format: Hardcover Volumes: 1 List Price(USD): $24.95 |
Average Customer Rating: 3.64
Rating: 5
Summary: Simply the Best Trading Book Ever!
Comment: I've been a professional trader for 20+ years and this is simply the best book written on the art of trading. Trading is about all about overcoming the inner self which is driven to failure. This book, more than any other I've ever read, cuts to the heart of the matter and gives the reader real, tangible, and specific advice on how to approach the markets, him/herself, and how to deal with the daily pressures of trading. Those pressures are not only external, i.e. the markets, but also internal, i.e the mind. I've read all the other "Zen" books, I've read all the other books on the proper psychological mindset, and this one beats all the others hands down. If you buy no other trading book but this one, then you are already way ahead of the game. This is the single most valuable book in my trading library. I highly recommend its purchase.
Rating: 5
Summary: My Favorite Trading Book
Comment: Most trading books are full of theories, padded with nonsense about volatility curves and greek letters. This book cuts to the heart of the issue: the main obstacle to making money in the markets-your EGO.
I have read them all and none says it better than this one. Can't praise it enough for it's simplicity and elegance.
Rating: 4
Summary: A Complete Insight Into Zen in the Markets
Comment: Here's a book that gets to the point quickly. I read this book in less than an hour. But in that amount of time, it really packed a punch and I suspect that many traders will find its key points to be of immense help from the next opening bell.
Author Edward Allen Toppel is a trader with a background in the S&P Futures Pit of the Chicago Mercantile Exchange. He's been at it for 20 years. So he isn't your typical vendor just in it to sell you books, courses, and seminars.
His book is based on his experiences both as a winning and losing trader. His thesis is simply this:
To succeed as trader, you have to trade with the flow with the market.
As incredibly simplistic and mystical this sounds, Toppel gives powerful suggestions on how to accomplish this.
Here are three of my favorites:
1) A loss is a loss, whether or not it's unrealized. Many traders mistakenly think that if a position goes against them, they haven't lost any money until they sell the stock.
2) Buy high, sell higher. The odds of success are much better if you buy stocks that are trending higher, than if you try to bottom fish and buy a stock because it's cheap.
3) Keep your positions small enough that you ego does not get in the way of good judgment.
On that last point about keeping position sizes small, I want to expand a bit.
To me, that was the single most profound statement in the book. I've heard it hundreds of times before, but Toppel's discussion of position size was riveting and had me thinking deeply about my own performance as a trader. His thesis is this:
We all have some threshold of position size which, when exceeded, transforms us into complete morons.
Keep your position size below this threshold, and you'll likely make money over the long haul if you're any kind of decent trader. But exceed the threshold, and your ego will inevitably cloud your judgment when something unexpected happens on a trade.
Think about it.
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Title: The Psychology of Trading: Tools and Techniques for Minding the Markets by Brett N. Steenbarger ISBN: 0471267619 Publisher: John Wiley & Sons Pub. Date: December, 2002 List Price(USD): $39.95 |
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Title: Way of Warrior Trader: The Financial Risk-Taker's Guide to Samurai Courage, Confidence and Discipline by Richard D. McCall ISBN: 0786311630 Publisher: McGraw-Hill Trade Pub. Date: 01 February, 1997 List Price(USD): $24.95 |
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Title: Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude by Mark Douglas ISBN: 0735201447 Publisher: Prentice Hall Press Pub. Date: 02 January, 2001 List Price(USD): $45.00 |
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Title: The 21 Irrefutable Truths of Trading: A Trader¿s Guide to Developing a Mind to Win by John H. Hayden ISBN: 0071357890 Publisher: McGraw-Hill Professional Pub. Date: 12 May, 2000 List Price(USD): $29.95 |
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Title: The Logical Trader by Mark B. Fisher ISBN: 0471215511 Publisher: John Wiley & Sons Pub. Date: July, 2002 List Price(USD): $59.95 |
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